NANX - Newbridge Securities Initiates Coverage on Nanophase Technologies (NANX) With a HOLD Rating and $7.50 Price Target

    FORT LAUDERDALE, Fla., Feb. 21 /PRNewswire/ -- J. Andrew Braswell, equity
 analyst with Newbridge Securities Corporation ("Newbridge"), has initiated
 coverage on Nanophase Technologies Corp. (Nasdaq:   NANX), with a "Hold" rating
 and a 12 month price target of $7.50.
     Nanophase Technologies is a developer and manufacturer of nanomaterials in
 commercial volume, with an annual production capacity in excess of 1.5 million
 pounds. These nanomaterials are then incorporated by customers in their
 products or industrial processes, offering advantages such as improved
 performance, lower overall cost, or the development of new products or
 processes. The company produces nanoparticles of single or multi-element
 oxides with controlled particle size, typically measuring 5-100 nanometers
 (nm). Its surface modification technology is used to manipulate electrical,
 mechanical, optical and other properties which, along with its dispersion
 technology, provides customers with a readily usable nanomaterials solution.
 The company's production facilities are certified to the latest ISO 9001
 quality standards and the FDA's current Good Manufacturing Processes (cGMP).
     Mr. Braswell stated: "Our Hold rating is based on the stock's valuation
 relative to the visibility of the timing and magnitude of revenue growth.
 Shares have been strong recently, and are now trading at 19.5x 2005 revenue.
 We think the next year may bring the opportunity for entry either at a more
 favorable valuation, or similar valuation with improved visibility. Our $7.50
 price target is based on a P/S multiple of 5.2x our 2010 revenue estimate of
 $64.2 million, discounted back at 20%."
     About Newbridge Securities Corporation
     Newbridge is a full-service securities brokerage firm and investment bank
 (Member NASD & SIPC, CRD# 104065) and a subsidiary of Newbridge Financial,
 Inc., an integrated financial services company. The Newbridge Institutional
 Research department specializes in the analysis and coverage of companies that
 have strategic focus on nanotechnology. Newbridge Research has established the
 Newbridge Nanotechnology Index (NNIX) which currently consists of 24
 companies, and is reconstituted and rebalanced each fiscal quarter. Newbridge
 Research also publishes a quarterly report entitled "Inside Nanotechnology,"
 which reviews the growing presence and impact of nanotechnology, as well as
 certain of the companies listed on the NNIX. More information is available at
 our Web sites and .
     Safe Harbor Statement
     This news announcement may contain "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995. Such forward-
 looking statements involve known and unknown risks, uncertainties and other
 factors which may cause actual results, performance and achievements of the
 company to be materially different from any future results, performance or
 achievements expressed or implied, such as a difference including, but not
 limited to, those discussed in Management's Discussion and Analysis of the
 Financial Condition and Results of Operation in the Company's Annual Report on
 Form 10-K filed by the company with the Securities and Exchange Commission.
     For important disclosures please visit: . Additional
 information is available upon request.

SOURCE Newbridge Securities Corporation

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